BBVA Compass Offers New Accounts for Both Digital and Branch-Centric Customers

BBVA Compass’s new accounts aim to attract customers who favor the branch or online channels.

BBVA Compass announced a slew of new account offerings last week that target customers who prefer to bank in specific channels. The bank said in the announcement that the new offerings would further its consumer product overhaul that began last month.

The new account offerings included BBVA Compass’s ClearConnect Savings, which complements its ClearConnect Checking account, and is designed for customers who favor the online and mobile channel. The account includes email alerts and online statements.

For those customers who prefer to use the branch for banking and transactions, the bank will offer the ClearChoice Savings account.

The bank will also offer specialized accounts to reward customers with deeper relationships with BBVA and for customers who keep higher balances. The accounts were also designed to offer simple and transparent fee structures, according to the bank’s statement.

The digitally-focused accounts follow the launch of BBVA Compass’s NBA Banking products last year that included the bank’s first accounts that could only be accessed through the digital channel.

Jonathan Camhi has been an associate editor with Bank Systems & Technology since 2012. He previously worked as a freelance journalist in New York City covering politics, health and immigration, and has a master's degree from the City University of New York's Graduate School ... View Full Bio

re: BBVA Compass Offers New Accounts for Both Digital and Branch-Centric Customers

And it should be mentioned that a big reason that BBVA is able to offer these products is due to their core systems replacement last year, I think the reticence to undertake core modernization in North America will begin to wane.

re: BBVA Compass Offers New Accounts for Both Digital and Branch-Centric Customers

The channel-based services associated with the accounts (like mobile banking) are not charged for individually. They're part of the package that you get with the account. But some of the accounts did have an upfront monthly fee. Reminded me of how BlueBird has a simple upfront fee associated with its use, which I know many people have attributed the service's success to.

re: BBVA Compass Offers New Accounts for Both Digital and Branch-Centric Customers

I wonder if along with the more targeted offerings there also are more targeted fees and requirements -- in other words "pay for what you want." Not that they would say it so bluntly. But there's been speculation as to whether consumers will pay more for certain hot features and functions on the mobile platform.